- Previously part of Nexus Infrastructure plc, TriConnex and eSmart Networks are two of the UK’s leading providers of multi-utility and electrical infrastructure services;
- The £7m capital from OakNorth Bank will be used to support TriConnex and eSmart Networks’ working capital and future growth, following their recent acquisition by FitzWalter Capital;
- Established in 2020 by five founding partners, FitzWalter Capital specialises in investing across multiple sectors and asset classes, including corporate businesses and real estate;
- The UK’s utility market is set to grow at a compound annual growth rate (CAGR) of 2.4% from 2020-25, driven by last year’s UK government electricity market reform.
OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a £7m working capital facility to TriConnex and eSmart Networks to support working capital and future growth.
Previously part of AIM listed Nexus Infrastructure plc, TriConnex is a leading provider of multi-utility services, including electricity, water, gas, fibre and EV charging, and eSmart Networks, is a fully accredited Independent Connections Provider, delivering the decarbonisation of the UK transport and energy systems. Established in 2011 and with offices in Essex, Leicester and Bristol, TriConnex works closely with residential developers and SME housebuilders to offer end-to-end multi-utility solutions. Recently launching their new Grid Dynamix Service, TriConnex are further set to support developers in finding, capturing, and keeping the electrical connections they require for their live project pipelines. Also founded by experienced business leader, Mike Morris, eSmart Networks design, supply, and install EV charging infrastructure, including grid connections, charger installations, civil engineering components, and battery storage solutions. In addition, the business connects solar, wind, and other renewable energy sources to the electricity network, whilst also designing and building the on-site high-voltage electrical infrastructure required to get these renewable energies to the grid.
Both companies were acquired in February 2023 by FitzWalter Capital, the global private investment firm, from Nexus Infrastructure plc.
Alan Martin, Chief Financial Officer at TriConnex and eSmart Networks, commented: “TriConnex and eSmart Networks have built-up very strong reputations within the UK’s utility industry. The recent acquisition by FitzWalter Capital is a testament to the two businesses and their successes over recent years. We were drawn to OakNorth as we required a specialist lender with experience in the sector and one that could provide us with a credit line that fitted our specific needs.”
Stuart Blair, Director of Debt Finance at OakNorth Bank, added: “This transaction presented us with an opportunity to support both TriConnex and eSmart Networks alongside a successful equity fund to enhance their future growth plans. With the UK’s utility market set for significant growth over the coming years, driven by the government-led Review of Electricity Market Arrangements, both TriConnex and eSmart Networks are in a perfect position to capitalise on this tailwind.”
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £9.5bn, directly helping with the creation of 39,000 new jobs and 28,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588